Sony was originally set to reveal the PS5 on June 4, but decided to delay it in response to the global protests that followed the death of African-American George Floyd.
The event is designed to both announce new games and show gameplay from the new PS5 console.
Sony has confirmed a pre-recorded programme would be broadcast at 1080p and 30 frames per second.
The firm also recommends viewers to watch the video wearing headphones there there is a ‘cool audio work' in the show as well.
"The games coming to PS5 represent the best in the industry from innovative studios that span the globe. Studios, both larger and smaller, those newer and those more established, all have been hard at work developing games that will showcase the potential of the hardware," Sid Shuman, a senior director for Sony Interactive's Content Communications said in a statement.
Sony has so far unveiled a logo for the console, the PS5 gamepad, and a tech demo showing the console's graphics capability.
The PS5 will feature a custom eight-core AMD Zen 2 CPU clocked at 3.5GHz and a custom GPU based on AMD's RDNA 2 architecture hardware that promises 10.28 teraflops and 36 compute units clocked at 2.23GHz.
It will also have 16GB of GDDR6 RAM and a custom 825GB SSD.
The PS5 will also feature 4K Blu-ray drive and will still support discs, but those games will still require installation to the internal SSD.